EUR/USD trades with mild positive bias above 1.0500 mark
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Last week, EURUSD experienced a significant short-term recovery, but quickly returned to its previous downward trend, currently trading at a low level not seen in months at 1.0521.
From the analysis chart, it can be observed that the prolonged downtrend channel has not been broken yet. Although there is some short-term recovery, it is still not enough momentum to break free from the downward trend.
Therefore, it is expected that this week will continue to be a prolonged downtrend with limited fluctuations ranging from 1.0639 to 1.0323. The important levels to consider are:
- Resistance levels: 1.063; 1.055
- Support levels: 1.050; 1.049; and 1.046.
Last week, EURUSD experienced a significant short-term recovery, but quickly returned to its previous downward trend, currently trading at a low level not seen in months at 1.0521.
From the analysis chart, it can be observed that the prolonged downtrend channel has not been broken yet. Although there is some short-term recovery, it is still not enough momentum to break free from the downward trend.
Therefore, it is expected that this week will continue to be a prolonged downtrend with limited fluctuations ranging from 1.0639 to 1.0323. The important levels to consider are:
- Resistance levels: 1.063; 1.055
- Support levels: 1.050; 1.049; and 1.046.
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EU has touched the level of resistance and moving as analysis, the goal continues to operate
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